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Industry bodies want budget to concentrate on stressed areas for economic revival

- August 12, 2021

Chennai, August 12 (BPNS)

The Tamil Nadu chapter of Confederation of Indian Industries and Federation of Indian Chamber of Commerce and Industry (FICCI) has called upon the government to concentrate on stressed industries and to bring in revival package for these sectors.

Creation of demands and driving in investments should also be given priority, according to the trade bodies which have been closely monitoring the ground situation of the state amidst the pandemic.

Confederation of Indian Industry, Tamil Nadu chapter Chairman, Dr. S. Chandrashekhar in a statement on Wednesday called upon the government to bring up a budget that should create demand in stressed areas like hospitality sector, retail, tourism, and textiles. He said that this would felicitate a quick revival of the economy.

A joint survey conducted in August first week by the Madras Institute of Development Studies (MIDS) and Department of Economics and  Statistics (DoES) have found that job loss and livelihood loss were the major impacts of the Covid -19 pandemic lockdowns. These losses resulted in huge revenue losses as well as a creeping depression among the population.

The CII also wanted the government to promote skill development among youths and the organization wanted the budget to have a focus on Southern districts of the state and to initiate industries to increase the economic activities of this region.

FICCI wanted the government to allow private players in the electricity distribution as well to allow the private sector in the rail industry. FICCI in a statement said that providing monopoly to any state entity would lead to problems in operation and consumer service.

C. Rajeev, Director, Centre for Policy and Development Studies while speaking to BPNS said, “Pandemic has led to job loss and livelihood losses and huge mental depression among the population. The suggestions of the Tamil Nadu chapter of  CII and FICCI, two major trade bodies of the country have to be taken into consideration before the final touches of the budget are given. However, providing electricity distribution to private players has to be considered only after a detailed study on it.”